StockMarketWire.com - Renishaw reported higher annual profit as revenue was bolstered by 'strong' growth in the APAC region amid ongoing demand for its encoder product lines.

For the year ended 30 September 2021, pre-tax profit jumped to £139.4 million from £3.2 million as revenue increased 11% to £565.6 million.

'We achieved good revenue growth in our APAC region, where we continue to see strong demand for our encoder product lines which are benefiting from increased investments in the semiconductor and electronics capital equipment markets,' the company said.

'Our EMEA and Americas regions both achieved modest revenue growth, with the first half of the year mirroring the second half of 2020 due to the pandemic, but with strong growth in the second half of 2021,' it added.

Looking ahead, the 2022 financial year started with a 'strong' first quarter, and the company added that it expected demand from the semiconductor and electronics sectors to remain strong amid a recovery in the machine tool and coordinate measuring machine markets.






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